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Forex News: Canadian Dollar Rises On Higher Oil Prices

Canadian Dollar Rises On Higher Oil Prices

04/13/2018 - 07:48:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its most major counterparts in the European session on Friday, as oil prices strengthened following Trump's comments on Syria and as the International Energy Agency said that the supply cuts by the OPEC and Russia have helped to clear much of the global glut.

Crude for May delivery rose $0.33 to $67.40 per barrel.

Trump urged caution on an imminent strike against Syria, saying that a possible U.S. missile strike on Syria might not be imminent. "Never said when an attack on Syria would take place. Could be very soon or not so soon at all!" Trump said.

In its monthly report, IEA said that OPEC crude oil production fell to 31.83 million barrels of oil per day in March, driven by losses in Venezuela and Africa.

OPEC's compliance with the output deal reached 163 percent, while its non-OPEC partners achieved a rate of 90 percent.

"Our balances show that if OPEC production were constant this year, and if our outlooks for non-OPEC production and oil demand remain unchanged, in 2Q18-4Q18 global stocks could draw by about 0.6 mb/d."

"It is not for us to declare on behalf of the Vienna agreement countries that it is 'mission accomplished', but if our outlook is accurate, it certainly looks very much like it," it said.

The currency traded mixed against its major rivals in the Asian session. While it held steady against the euro and the greenback, it fell against the aussie. Against the yen, it climbed.

The loonie rose to a 2-day high of 1.2552 against the greenback, from a low of 1.2594 hit at 10:15 pm ET. The loonie is poised to find resistance around the 1.23 region.

The loonie spiked up to 1.5471 against the euro, its highest since February 13. The loonie is seen finding resistance around the 1.53 area.

Data from Eurostat showed that the euro area trade surplus increased in February as the decline in imports was bigger than the fall in exports.

Exports fell 2.3 percent in February from January. At the same time, imports declined 3.1 percent.

The loonie that closed Thursday's trading at 85.23 against the yen firmed to a 2-month high of 85.76. If the loonie rises further, 86.5 is possibly seen as its resistance level.

On the flip side, the loonie weakened to a 3-day low of 0.9812 against the aussie, compared to 0.9756 hit late New York Thursday. The next possible support for the loonie is seen around the 0.99 level.

Looking ahead, Canada existing home sales for March and University of Michigan's preliminary consumer sentiment index for April are scheduled for release in the New York session.

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